Singapore: Inedible Fish Products Market 2024

Inedible Fish Products Market Size in Singapore

The Singaporean inedible fish products market contracted to $X in 2022, with a decrease of -7.4% against the previous year. Over the period under review, consumption, however, saw a temperate increase. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Inedible Fish Products Production in Singapore

In value terms, inedible fish products production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a perceptible expansion. The pace of growth was the most pronounced in 2014 when the production volume increased by 209% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Inedible Fish Products Exports

Exports from Singapore

In 2022, approx. X tons of inedible fish products were exported from Singapore; with a decrease of -16.5% compared with the previous year's figure. Over the period under review, exports recorded a slight descent. The pace of growth appeared the most rapid in 2015 when exports increased by 38% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, inedible fish products exports plummeted to $X in 2022. In general, total exports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by +0.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 39% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

British Indian Ocean Territory (X tons) was the main destination for inedible fish products exports from Singapore, accounting for a 73% share of total exports. Moreover, inedible fish products exports to British Indian Ocean Territory exceeded the volume sent to the second major destination, India (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume to British Indian Ocean Territory amounted to -3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+233.6% per year) and Mauritius (+55.4% per year).

In value terms, British Indian Ocean Territory ($X) remains the key foreign market for inedible fish products exports from Singapore, comprising 75% of total exports. The second position in the ranking was held by India ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value to British Indian Ocean Territory stood at -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+223.8% per year) and Mauritius (+60.0% per year).

Export Prices by Country

The average inedible fish products export price stood at $X per ton in 2022, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2021 an increase of 13% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was British Indian Ocean Territory ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mauritius (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Inedible Fish Products Imports

Imports into Singapore

In 2022, imports of inedible fish products into Singapore contracted dramatically to X tons, waning by -19.6% against the previous year. Over the period under review, imports recorded a perceptible reduction. The most prominent rate of growth was recorded in 2015 with an increase of 54% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, inedible fish products imports fell to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 37%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Indonesia (X tons), China (X tons) and Japan (X tons) were the main suppliers of inedible fish products imports to Singapore, with a combined 97% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +23.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X) constituted the largest supplier of inedible fish products to Singapore, comprising 56% of total imports. The second position in the ranking was taken by China ($X), with a 26% share of total imports. It was followed by Japan, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.3% per year) and Japan (+27.0% per year).

Import Prices by Country

In 2022, the average inedible fish products import price amounted to $X per ton, rising by 5.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The pace of growth was the most pronounced in 2014 when the average import price increased by 25% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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